Solar Integrated Roofing Corp. Announces Debt Repayment and Growth Funding Agreement

Rhea-AI Summary

Solar Integrated Roofing Corp. (OTC:SIRC) has entered into an agreement with Continuation Capital, Inc. to settle outstanding debts of $1,063,778.11. The partnership allows SIRC to address its debt obligations and support operational needs.

Positive

• SIRC is addressing its debt obligations effectively and improving its cash position.
• The retirement of this debt is a critical step in advancing SIRC's strategic initiatives and fortifying its balance sheet.
• SIRC aims to build a world-class clean energy conglomerate and generate long-term value for shareholders.

Negative

• None.

HENDERSON, Nev., June 06, 2023 (GLOBE NEWSWIRE) -- Solar Integrated Roofing Corp. (OTC:SIRC) (“SIRC” or the Company”), an integrated, single-source solutions provider of solar power, roofing and EV charging systems, entered into an agreement with Continuation Capital, Inc. (“CCI”), a Delaware Corporation, pursuant to which the Company agreed to issue Common Stock to CCI in exchange for the settlement of certain outstanding debts of the Company in the principal and interest amount of $1,063,778.11 (the “Settlement Amount”) of past due obligations and accounts payable of the Company.

“This partnership with CCI allows us to address our debt obligations effectively while simultaneously allowing us to use our cash position to better support operational needs,” said Brad Rinehart, Chief Executive Officer of SIRC. “The retirement of this debt is a critical step in advancing our strategic initiatives including our recently announced agreement with Tribeca Energy. We remain committed to fortifying our balance sheet as we work to build a world class clean energy conglomerate and ultimately generating long-term value for our shareholders.”

About Solar Integrated Roofing Corp.
Solar Integrated Roofing Corp. (OTC: SIRC) is an integrated, single-source solutions provider of solar power, roofing and EV charging systems, specializing in commercial and residential properties throughout North America. The Company serves communities by delivering the best experience through constant innovation & legacy-focused leadership. For more information, please visit the Company's Investor Relations website at www.solarintegratedroofing.com, Corporate website at https://www.sirc.com/ or join us on Twitter, LinkedIn or Facebook.

Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Examples of forward-looking statements in this press include, among others, statements about our renegotiated settlement agreement. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our limited operating history; our dependence on third parties for many aspects of our business; general market and economic conditions; technical factors; the availability of outside capital; our receipt of revenues; legislative developments; changes in our expenditures and other uses of cash; our ability to find, recruit and retain personnel in sufficient numbers to support our growth; our ability to manage growth; and general market, economic and business conditions. Additional factors that could cause actual results to differ materially from those anticipated by our forward-looking statements are under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Registration Statement on Form 10 or Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Investor Relations Contact:
Michael Kim/Brooks Hamilton
MZ North America
+1 (949) 546-6326
SIRC@mzgroup.us
www.mzgroup.us

FAQ

What is the agreement between Solar Integrated Roofing Corp. and Continuation Capital, Inc. about?

The agreement is about settling outstanding debts of Solar Integrated Roofing Corp.

How much is the settlement amount?

The settlement amount is $1,063,778.11.

What are the benefits of this partnership for Solar Integrated Roofing Corp.?

The partnership allows Solar Integrated Roofing Corp. to address its debt obligations effectively and improve its cash position.

What is Solar Integrated Roofing Corp.'s goal?

Solar Integrated Roofing Corp. aims to build a world-class clean energy conglomerate and generate long-term value for shareholders.